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Showing posts from January, 2013

Legal Question: Offering Plan & Due Diligence

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Offering PlanIt seems that real estate attorneys are asking for more and more “due diligence” materials when representing a prospective purchaser of a co-op or condominium apartment.  What are the “customary” due diligence materials that an attorney will ask for?Real estate attorneys conduct a due diligence investigation in order to give prospective purchasers of co-op and condominium apartments a better understanding of the overall condition of the property.  This includes, for example, determining what capital projects will be undertaken by the co-op/condominium in the future, when maintenance/common charges will increase, whether there are any anticipated special assessments and if there are any “quality of life” issues in the building.
The customary due diligence materials that a purchaser’s attorney will request include the condominium or co-op’s: (i) board minutes (an attorney will generally schedule an appointment to review the board minutes with the building’s managing agent); …